Archegos founder Bill Hwang faces securities fraud trial over 2021 implosion costing major banks billions.
Archegos founder Bill Hwang goes on trial for alleged securities fraud and market manipulation, following the fund's 2021 implosion that cost major banks billions. The family-owned hedge fund, run by Hwang, took significant bets on a few stocks with borrowed money, leading to $10bn losses for Credit Suisse, Nomura, and Morgan Stanley. Hwang and Patrick Halligan, Archegos' CFO, were arrested by the FBI in April 2022.
May 13, 2024
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